Taleem REIT posts SAR 42.5 mln FFO, SAR 35.5 mln net profit in 2020

30/03/2021 Argaam Exclusive

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Share Price

Taleem REIT Fund
10.22
(0.16) (1.54 %)

Taleem REIT Fund (TALEEM REIT)

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Taleem REIT Fund reported a net profit of SAR 35.5 million (SAR 0.7/unit) for 2020, a decline of 4% from SAR 36.9 million a year earlier.

 

Funds from operations (FFO) rose 5% to SAR 42.5 million in 2020 from SAR 40.7 million in 2019.

 

The profit drop was attributed to an increase of 28% year-on-year (YoY) in operating expenses and a rise of SAR 1.2 million in finance costs. The fund reported real estate investment impairment of SAR 2.19 million in 2020, an increase in real estate investments depreciation, along with higher Zakat and taxes.



Financials (M)

Item 2019 2020 Change‬
Rental Income 45.50 48.71 7.1 %
Funds from Operations(FFO) 40.68 42.54 4.6 %
Net Income 36.87 35.50 (3.7 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.80 0.83 4.6 %
EPS (Riyals) 0.72 0.70 (3.7 %)


Interim Comparasion (M)

Compared With The
Item 2019 2020 Change‬
Rental Income 22.76 25.97 14.1 %
Funds from Operations(FFO) 20.27 22.22 9.6 %
Net Income 17.60 20.27 15.1 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.40 0.44 9.6 %
EPS (Riyals) 0.35 0.40 15.1 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 535.50 634.04 18.4 %
Total Debt - 94.32 -
Net assets attributable to the Unitholders Item 530.85 533.71 0.5 %
Market value of net assets 538.83 544.18 1.0 %

Net asset value (NAV) stood at SAR 533.7 million, while the NAV per unit reached SAR 10.5 during the year.

 

The market value of assets reached SAR 544.2 million, with per unit market value stood at SAR 10.7.

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